In modern conditions, the role of long-term voluntary savings is growing, one of the key forms of which are investment funds. The book is one of the first fundamental studies of collective investment problems in Russia, taking into account the experience of investment funds in other countries. The book reveals the role investment funds play in the economy and household finances. Based on a unique database of 754 Russian mutual funds (UIFs), the authors analyzed the economy of the collective investment industry in 1997-2013. A separate section includes a study of factors affecting the excess profitability of UIFs in Russia, the effectiveness of sales of investment units and the amount of costs in these funds.